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7 Mar 2018

AUD/JPY keeps losses after Aussie Q4 GDP release

  • Cohn's resignation hurts risk assets, keeps AUD/JPY under pressure. 
  • Aussie Q4 GDP printed below estimates. 

AUD/JPY ran into offers around the 200-hour MA earlier today and fell to a session low of 82.01 after Gary Cohn (Trump's top economic aide) announced his resignation. 

White House officials told the New York Times that there wasn’t one specific reason for Cohn’s exit, although it is being reported that Trump's tariff plan pushed him over the line. Whatever may be the reason, but his resignation has not gone down well with the markets. As of writing, the S&P 500 futures are down 1.4 percent, signaling risk aversion. consequently, the AUD/JPY is feeling the gravitational pull. 

Further, the fourth quarter Aussie GDP printed at 0.4% Q/Q, missing the estimate of 0.6%. So, there is little incentive for the Aussie bulls to make their presence felt. 

AUD/JPY Technical Levels

As of writing, the pair is trading at 82.17. A break below 82.00 (psychological level) could yield a re-test of 81.48 (weekly low + April 2017 low) and 81.00 (psychological support). On the higher side, a close above the 200-hour MA of 83.02 would open up upside towards 84.01 (Feb. 19 low) and  (84.16 (Feb. 27 high). 

 

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